Young companies make strides

PROVO — It was just like any other glad-handing, back-slapping, here-for-the-networking lunch for the movers and shakers in Utah business circles.

Talk, and there was a lot of it, focused on business and doing business. But the room fell silent to hear the news of the day: Which company would be recognized by the Utah Valley Entrepreneurial Forum as the top new business.

"These are companies that will make a difference in the future of Utah business success," said Les Pardew, chairman of the Top 25 Under Five event for the forum.

The award is given to honor companies founded less than five years ago that have made great strides in their field.

First, the forum picks 25 new companies that in a short time have made a mark. Then, from that list, they pick a winner. The judging criteria: The firm's revenue, profits, job growth, employee compensation and funding.

Maxtec Inc., a company that works with oxygen analysis and delivery, was selected as the No. 1 company in the contest.

Second place went to NextPage, a high-tech company that helps people manage, access and exchange information.

LoveSac took home third-place honors. LoveSac is known for comfortable bean bag-like seats.

MaxStream, developer of wireless modem networking for electronic devices, won fourth place.

Fifth place went to QuicKutz Inc. QuicKutz makes scrapbooking products.

"For me it's not about money. It's not about creating wealth," said Bruce Brierley, president of Maxtec Inc. "It's seeing something that you believe in become big."

Fred Stettler, one of Brierley's close friends, said that Brierley has never known anything but success.

"No such thing as failure in his vocabulary," Stettler said.

Shawn Nelson, president of LoveSac, said he learned a lot when he launched his company.

"It's humbling," he said. "You're always kind of living on the edge of the balance between growth and financing."

Nelson made his first LoveSac in a basement. In three years his basement business has grown to a multimillion-dollar company with 50 stores across the United States. He has plans to increase his stores to 76 by the end of 2004.

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